UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 717, 2010

YOUBLAST GLOBAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-52363	74-2820999
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

81 Greene Street, 4th Floor

New York, New York 10012

(Address of principal executive offices) (zip code)

(212) 465-3428

(Registrant's telephone number, including area code)

Copies to:

David J. Sorin, CPA, Esq.

SorinRoyerCooper LLC

Two Tower Center Blvd.

East Brunswick, NJ 08816

Phone: (732) 839-0400

Fax: (732) 393-1901

(Former name, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry Into a Material Definitive Agreement.

AsOn ~~previously~~December ~~reported on a current report filed with the Securities and Exchange Commission on November 26~~17, 2010, YouBlast Global, Inc., a Delaware corporation (the “Company”), entered into aan ~~Securities~~Omnibus ~~Purchase~~Amendment and Waiver Agreement (the “~~November 2010 Purchase~~ Agreement”) with Philmore Anderson, IV, John Thomas Bridge & Opportunity Fund II, ~~L.P.~~LP ~~(“JTBO~~and ~~II”),~~John ~~whereby~~Thomas ~~the~~Bridge ~~Company~~& ~~agreed~~Opportunity toFund ~~sell, and JTBO~~ II ~~agreed to purchase~~, inLP ~~one~~(each ora ~~more~~“Holder” ~~tranches,~~and uptogether ~~to $115,000 in principal amount (~~the “~~Principal Amount~~Holders”). Mr. ofAnderson ~~the~~currently ~~Company’s~~is ~~debentures~~a ~~for~~director, anExecutive ~~aggregate~~Chairman ~~purchase~~and ~~price~~substantial ofshareholder ~~$115,000 ($65,000~~ of the ~~Principal Amount was issued on November 18~~Company, ~~2010)~~30.55%.

Pursuant to the ~~November 2010 Purchase~~ Agreement, onthe ~~December~~Company 9,and ~~2010,~~the Holders amended the ~~Company~~maturity ~~issued~~dates aof ~~16%~~all ~~Debenture~~outstanding ~~Due~~debt instruments issued as of December 3117, 2010, (by the ~~“December~~Company 9,to ~~2010~~each ~~Debenture~~of the Holders (the “Debentures”), into be the ~~amount~~earlier of ~~$50~~(a) April 20,~~000~~ 2011, or (b) the ~~balance~~consummation ofby the ~~Principal~~Company ~~Amount)~~of toan ~~JTBO~~equity ~~II,~~financing ~~and~~transaction with gross proceeds to the Company ~~incurred~~of ~~indebtedness~~not ofless than $503,000,000 (an “Equity Financing Event”). ~~JTBO~~Also IIpursuant isto athe ~~stockholder~~Agreement, the Company and ~~debtor~~each Holder waived any defaults or breaches of any terms and conditions of the Company under the Debentures (and any purchase agreements, warrants, or other transaction documents related thereto) that may be deemed to occur or continue prior to an Equity Financing Event.

~~The~~In ~~December~~consideration ~~9, 2010 Debenture bears interest at a rate~~ of ~~16% per annum, payable in cash, and is due on~~ the ~~earlier~~foregoing ofwaivers December 31, 2010, or the third business day after the date on which the Company receives a financing of at least $2,000,000 or more, unless such date is extended or accelerated. The December 9, 2010 Debenture is unsecured, but, with the exception of the indebtedness to be repaid to Philmore Anderson, IV, pursuant to the terms and ~~conditions of the Company’s investment banking agreement~~amendments, ~~as amended,~~ the ~~December 9, 2010 Debenture ranks senior to any other debt of the~~ Company ~~and,~~granted soeach ~~long~~Holder ~~as it is outstanding, no indebtedness of~~ the ~~Company~~right ~~shall become senior~~ to ~~it. The December 9~~receive, ~~2010 Debenture may not be prepaid, except that~~ upon ~~the closing by the Company of one or more financings in which the Company receives gross proceeds of less than $2,000,000, the Company shall pay~~ an ~~amount~~Equity ~~equal~~Financing ~~to 50% of the proceeds of such financing to reduce the principal amount of the December 9~~Event, ~~2010~~payment ~~Debenture. The~~in ~~December~~full ~~9, 2010 Debenture contains customary events~~ of ~~default,~~all ~~such as (i) the failure to repay any~~ principal ~~amount~~ and~~/or~~ interest due under the ~~December~~Debentures ~~9, 2010 Debenture, (ii) any material inaccuracy of any representation and warranty, (iii) failure~~ to ~~perform~~which ~~any covenant or agreement, (iv) bankruptcy and insolvency events, (v) certain contractual defaults and (vi) entry of certain judgments against~~ the ~~Company;~~Holder ~~provided,~~is however, that any event of default that was existing and continuing prior to the December 9, 2010 Debenture shall not be the basis for an event of default under the December 9, 2010 Debenture. If any event of default occurs, all outstanding principal, together with accrued and unpaid interest, shall become immediately due and payable in cash. Additionally, upon an event of default, the interest rate shall accrue at a ~~rate of 18% per annum~~party. Upon a change in control of the Company, JTBO II shall have the right (i) to convert the December 9, 2010 Debenture into securities of the same class and type as those being obtained by the acquirer or (ii) to require the Company to repurchase the December 9, 2010 Debenture at 125% of the outstanding principal amount plus accrued and unpaid interest.

The foregoing description of the ~~December~~Agreement ~~9, 2010 Debenture~~ does not purport to be complete and is qualified in its entirety by reference to the ~~December 9~~Agreement, ~~2010~~which ~~Debenture. A~~is ~~copy~~attached ofas ~~the~~an ~~December~~exhibit ~~9, 2010 Debenture is attached~~ to this ~~report~~Current asReport ~~Exhibit 4.1~~ and is incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet ~~Arrangement of a Registrant.~~

Arrangement of a Registrant.

See Item 1.01.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Effective as of December 7, 2010, Joseph Scharf resigned as a director of the Company’s Board of Directors.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number	~~Description~~	Description
4.1	16% Debenture Due December 31, 2010, issued to John Thomas Bridge & Opportunity Fund II, L.P.
99.1		Omnibus Amendment and Waiver Agreement, dated December 17, 2010, between the Company and the Holders.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	YOUBLAST GLOBAL, INC.
Dated: December 15, 2010	By:	/s/ Jeffrey Forster
Dated: December 20, 2010	By:	/s/ Jeffrey Forster
		Name: Jeffrey Forster
		Title: Chief Executive Officer

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